Highlights

• Fluor Corporation confirms commercial and technological feasibility of Ramaco's Brook Mine rare earth element project in Wyoming.
• Identified as potentially the world's only primary source for scandium, gallium, and germanium oxides.
• Holds strategic importance amid China's export restrictions.
• Pilot plant construction planned for the second half of 2025.
• Final feasibility studies expected in Q1 2025.

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Ramaco Resources, Inc (opens in a new tab). has announced that Fluor Corporation's interim preliminary techno-economic analysis deems the development of Ramaco's Brook Mine both commercially and technologically feasible. The BrookMine contains a significant unconventional deposit of rare earth elements (REEs) and critical minerals sourced from coal and carbonaceous ore.

The Mine

The Brook Mine is a rare earth element (REE) mine in Sheridan, Wyoming, owned by Ramaco Resources, a US-based coal producer according to the firm’s latest media release (opens in a new tab).

In May 2023, Ramaco announced that the Brook Mine contains a large deposit of rare earth elements, one of the largest in the US. The discovery was made after 18 months of drilling and chemical analysis by Ramaco, the Department of Energy's National Energy Technology Laboratory (NETL), and Weir International.

Summary of News

• Significant REE Deposit: The U.S. Department of Energy's National Energy Technology Laboratory has identified the Brook Mine as one of the largest unconventional deposits of REEs globally.
• Independent Analysis: Fluor's interim analysis indicates the project's commercial and technological viability, with final results expected in Q1 2025.
• Economic Potential: Preliminary financial modeling suggests strong economic returns with lower capital investment compared to traditional hard rock REE mines.
• Primary Source of Critical Minerals: The Brook Mine is projected to be the world's only primary source for scandium, gallium, and germanium oxides, which could account for approximately 70% of potential revenue.
• Strategic Timing: China recently banned exports of gallium and germanium to the U.S., materials over which it holds significant global control.

Construction of a commercial pilot plant is slated to begin in the second half of 2025.

What are some assumptions?

Rare Earth Exchanges suggests that the press release presents a positive outlook on the project's feasibility and economic potential, which may reflect the company's promotional perspective.  The project may be further out due to all sorts of contingencies.

Moreover, the emphasis on China's export ban suggests that Ramaco views this development as an opportunity to position itself as a key domestic supplier, potentially influencing the narrative, and enhancing value.

Final conclusions are contingent upon ongoing metallurgical and chemical testing, indicating that current assessments are preliminary.

In summary, while the Brook Mine shows promise as a significant domestic source of critical minerals, the projections are based on preliminary analyses, and final feasibility will depend on forthcoming detailed studies.